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Arizona 8, Sony 5, Us 5, Boeing 4, Jamie Dimon 4, U.s. 4, Ukraine 4, Switzerland 4, Paula Deen 4, America 4, Hollywood 3, Jan Schakowski 2, Matthew Mcconaughey 2, Delta 2, Elaine 2, Blackberry 2, John Chen 2, Todd Horwitz 2, Fitch 2, Lowe 2,
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  KICU    First Business  

    February 27, 2014
    4:00 - 4:31am PST  

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toppy stocks? signs the market has reached its peak. in today's cover story...why a short work week is a new wrinkle in an ongoing labor battle. plus...is a jobs gap to blame for cyber attacks? and...we get oscar ready! a countdown to the biggest awards ceremony of the year!! first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning! it's thursday, february 27th. i'm angela constructive news & moves--- encouraging word about new home sales helped to lift the stock market. the dow and nasdaq made modest gains. while the s&p spent another session vacillating around the 18-50 line. gold lost $12 while oil edged up 68 cents. tesla charges higher. the
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electrifiying stock gained another $5 dollars yesterday. after hours the electric car company reported the battery factory its building could employ 65-hundred locations under consideration are: arizona, nevada, new mexico and texas. jc penney reported less of a loss than predicted. shares soard more than 7%. janet yellen heads to capitol hill today. she will share her thoughts about the economy with the senate banking committee. her appearance earlier this month was cancelled due weather. and there's rain to report in the west. drought ravaged areas such as riverside county calfornia are finally getting drenched! trader todd horwitz of average joe options joins us now. he's also watching the situation in the ukraine and russia. will it have and effect on the stock market or perhaps the oil market. > >i think when you take a look
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at the ukraine situation as far as the stock market is concerned, i think it will have no effect. it may effect their market but i think our market it won't bother. however the price of oil has been telling us for the last 3 to 4 weeks that there was issues to be dealt with and this situation in the ukraine could keep prices artificially pumped up here. > >what do you think about some of these retail stocks? target had a great day yesterday. abercrombie and fitch did too. would you be a buyer? > >i think you have to be a seller basically across the board but especially in retail. as we continue to fight for jobs and we continue to see higher prices at the pump and higher prices in the food aisles, it's hard for people to be able to go out and spend that excess capital on retail goods so i think that i would be more of a seller than a buyer here. > >do you think jamie dimon is
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losing some of his luster on wall street? he's the head of jp morgan but he's talking about scaling back with the bank. what do you think? > >i think jamie dimon's a great guy. i think he's done a great job but everybody kind of runs their course and it ends up wearing out their welcome so to speak. i think he's probably on his way out and probably rightfully so. > >i noticed you're wearing black. is that a commentary on the stock market? > >i think that we're probably pretty close to the top. it looks like the last of the retail traders are getting in here and i think that the pros are giving it to them. > >you're calling it on our show. thank you and have a great trading day. > >have a good day. big banks are rolling in dough...banks around the nation brought in more money than ever before...according to the fdic profits in 2013 reached $155 billion dollars. that's up 10% from 2012 and well above the $148 billion peak in 2006 before the financial crisis. here's the caveat-- the fdic notes much of the bottom line boost came from an accounting maneuver of banks putting away less money to cover future lending losses. we are turning to chuck coppola now who has details on alleged money stashing at credit suisse-- good morning.. angie-- now to the matter of the missing billions...credit suisse is accused of going to great lengths to help u-s
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clients hide their wealth from u-s tax collectors. a senate subcommittee report describes switzerland's second-largest bank as a "willing accomplice" whose bankers advised more than 22-thousand americans with accounts worth up to 12-billion dollars, to personally travel to switzerland to avoid paper trails, then take remote- controlled elevators for meetings where bank statements were concealed inside magazines. "credit suisse's management team regrets the action of a small group of bankers who violated us law." credit suisse no longer offers offshore accounts to americans and is cooperating with investigators.a fine of more than 800-million dollars is being discussed. more than a dozen other swiss banks are under investigation. bank of america is grappling with investigations both here and abroad. bank of america traders are under investigation along with several other bank traders around the world for
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foreign currency price manipulation. here in the u.s. the bac faces a federal probe for how its handling goverment backed mortgages. it's estimated bank of america might have to pay out $11 billion in penalties and $5 billion in relief to homeowners. bank officials are cooperating with authorities. as an investigation begins into bitcoins.... the exchange at the center of the controversy is keeping quiet. the ceo of mt gox posted on the site wednesday "i would like to kindly ask that people refrain from asking questions to our staff: they have been instructed not to give any response or information." the site went down unexpectedly this week, after reports surfaced that 380 million dollars' worth of the currency has gone missing. cnn reports-- mt gox blames an expensive computer hack attack. a trial is being delayed indefinitely for a former bp executive accused of lying to congress about the massive oil spill in the gulf. the executive, david rainey is charged with failing to disclose "internal" information from bp about the "amount" of oil that gushed into the gulf in 2010. prosecutors suggest the
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spill was worse than what was being made public. rainey's attorney was able to get the judge to throw out the obstruction charge, which is now being appealed by prosecutors. president obama is preparing for a funding deadline down the road.in minnesota yesterday, the president put forth a proposal for a 302 billion dollar infrastructure project. he says it would be funded by overhauling tax codes for businesses. "we've got ports that aren't ready for the next generation of super-tankers. we have bridges that are old enough to qualify for medicare. the deadline to renew funding for highways, and bridge projects is september 30th... however, if no agreement has passed before then, some construction could begin shutting down as soon as this august. house speaker john boehner said he met with the president on tuesday, but the two failed to reach common ground on the proposal. an alarming amount of jobs are going unfilled in cyberspace. in what's being called a national security crisis, nearly
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40% of i-t security jobs are vacant. art gilliland of hewlett packard's security divison explains. " so if you think about what's happening right now in the security industry is that there's just been tons of breaches, you see it in the news, back with the retail breaches in december and so one of the big challenges and one of the reasons that the bad guys have been so succesful is that there's just a massive lack of resources, human resources, that have security expertise." h-p is launching a scholarship to encourage women to become educated in cyber security. a study by the ponemon institute finds women currently only make up 20 percent of the information security workforce. investors are putting trust back in target. shares of the retailer rallied 7% yesterday after surprising wall street by coming in two cents above consensus on profits. that's even after target took a hit on the massive data breach at the end of the year. target however, also admits sales fell
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3.8% "this" quarter. costs from that data breach are adding up to about 17 million dollars, although, it's insurance policy covered 44 million. those costs could potentially hurt target's future earnings reports. in a check of other earnings-- home improvement company lowe's reported a 6% gain in net income as the retailer benefited from the housing market recovery. the stock hammered out a 5% rise. barnes and reported a profit compared to a loss last year. and says a new nook is in the works. the stock rallied 4%. first solar shares dimmed 11% as earnings fell short. and abercrombie and fitch's profit shrank 58% but its bottom line results easily topped estimates. the stock shot up 11%. the list is growing of companies coming out against a measure in arizona viewed as anti-gay. arizona governor jan brewer is being urged by corporations to veto a bill allowing businesses to refuse service to gays and lesbians on religious grounds. apple, marriott, at&t, american airlines and delta are among the companies claiming the bill runs counter to ensuring equality in the workplace. some companies may consider relocating out of arizona. the national organzation for marriage--supports the arizona bill. change is in the air for delta. starting next year, the airline will rework its frequent flyer program. instead of passengers earnings miles for distance, they will be awared mileage based on the ticket price. delta has been attempt to attract more business travelers. a
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delta official says the new format will better recognize business travelers versus leisure travelers. also elite travels will receive added bonus miles depending on their status. boeing is making headlines this week. the jet maker has agreed on a 2 billion dollar contract to manufacture 16 new spy planes for the navy. it's also trying to sell some of its 787 dreamliners that were rejected by some airlines after last year's debacle that stemmed from battery issues. those planes are only partially completed. and boeing rival airbus is playing catch up. its increasing production to crank out more jets per month by 20- 16. blackberry's bbm messaging service is getting a lot of buzz. blackberry stock has been on an upswing surrounding speculation that the bbm service could attract buyers ceo john chen confirmed this week he would "definitely sell" bbm if he was offerred a deal. just last week facebook shelled out 19 billion dollars for messaging tool "whatsapp". j-crew could be getting ready to go public. bloomberg news reports the retailer is working with banks for an ipo later
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this year. the clothing retailer is known for its famous fans, the first family. j-crew has 451 stores across the nation, and 2.4 billion dollars in annual sales. fallen celebrity chef paula deen is cooking up a comeback plan. the former food network star-- is opening a new restaurant in pigeon forge, tennessee. near the "dollywood" them park. a private investment firm is backing deen to get her career back on track after she acknowleged previous use of racial slurs. a $20 million dollar investment is going into her new restaurant which will be called "paula deen's kitchen". coca cola has discovered how to make a "diet" slurpee. diet coke has been on the market for more than 3 decades, but until now, there was no way to make the low calorie drink work well as a frozen slurpee. the new drink hits 7-eleven stores this week. still to come: counting down to the oscars! predictions of who will nab hollywood's top honor. plus... sony short circuits
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employees. and next in our cover story... clocked out. why employees of fast food chains say they can't survive on their schedule. we'll be right back. real issues they're dealing with
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can be awkward and uncomfortable. but when their behavior changes, it's time to act. because if we don't, our families and relationships will suffer. listen to the veterans in your life and show you care. it matters. when you recognize a veteran is in crisis, call the veterans crisis line at 1-800-273-8255 and press "1".
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elaine: it was 17 years ago when i decided to become a mentor that i was assigned to christina. when she was in the first grade, she was a shy little girl, not able to smile much. christina: elaine showed me there were people out there to help me and guide me through life. when elaine let me read her diary, i didn't even realize how important i was to her, and now that i'm mentoring, i feel that same importance, and i can spread those same values to the girls i mentor. be someone who matters, to someone who matters.
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in today's cover story, fast food empoyees who want a higher minimum wage are raising another aspect of their work-week: it's too short. ten-to-25 hours a week just aren't enough, yet that's what workers say they're assigned. thirty employees of a mcdonald's corporate-owned restaurant in chicago made a public plea to push their employer to assign them more hours to work. they handed their petition to the manager and told members of the media that they cannot pay their bills when scheduled to work two days at most. "most recently it's been 10-15 hours per week. i have family and that's helped but i'm on food stamps and live in subsidized housing." the mcdonald's manager here referred us to a corporate representative who released a statement: "mcdonald's and our independent owner operators make staffing decisions based on the business needs to ensure that we are able to serve customers at peak operating hours." "we're getting less hours but they're hiring more people to them less hours. we just want to know, 'why can't you give us those hours?'" mcdonald's did not address why managers hire additional workers instead of assigning more hours
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to existing ones. but jessica davis' experience working in fast food for poverty wages was echoed last year in a study that found more than half of fast- food workers are on public assistance that costs taxpayers seven billion dollars a year--a point illinois congresswoman jan schakowski commented on, last week. "it means that the walmarts and such as riverside county calfornia are finally getting drenched! trader todd horwitz of average joe options joins us now. he's also watching the situation in the ukraine and russia. will it have and effect on the stock market or perhaps the oil market. > >i think when you take a look at the ukraine situation as far as the stock market is concerned, i think it will have no effect. it may effect their market but i think our market it won't bother. however the price of oil has been telling us for 4 weeks that there was issues to be dealt with and this situation in the ukraine could keep prices artificially pumped up here. > >what do you think about some of these retail stocks? target had a great day yesterday. abercrombie and fitch did too. would you be a buyer? > >i think you have to be a seller basically across the board but especially in retail. as we continue to fight for jobs and we continue to see higher prices at the pump and higher prices in the food aisles, it's hard for people to be able to go out and spend that excess capital on retail goods so i think that i would be more of a seller than a buyer here. > >do you think jamie dimon is losing some of his luster on wall street? he's the head of jp morgan but he's talking about scaling back with the bank. what do you think? > >i think jamie dimon's a great guy. i think he's done a great job but everybody kind of runs their course and it ends up wearing out their welcome so to speak. i think he's probably on his way out and probably rightfully so. > >i noticed you're wearing black. is that a commentary on the stock market? > >i think that we're probably pretty close to the top. it looks like the last of the retail traders are getting in here and i think that the pros are giving it to them. > >you're calling it on our show. thank you and have a great trading day. > >have a good day. big banks are rolling in dough...banks around the nation brought in more money than ever before...according to the fdic profits in 2013 reached $155 billion dollars. that's up 10% from 2012 and well above the $148 billion peak in 2006 before the financial crisis. here's the caveat-- the fdic notes much of the bottom line boost came from an accounting maneuver of banks putting away less money to cover future lending losses. we are turning to chuck coppola now who
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has details on alleged money stashing at credit suisse-- good morning.. angie-- now to the matter of the missing billions...credit suisse is accused of going to great lengths to help u-s clients hide their wealth from u-s tax collectors. a senate subcommittee report describes switzerland's second-largest bank as a "willing accomplice" switzerland's second-largest bank as a "willing accomplice" whose bankers advised more ♪ ♪ ♪ ♪ ♪ ñioczñz!ioczñz"ioczñioczñz$ioczt
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going unfilled in cyberspace. in what's being called a national security crisis, nearly 40% of i-t security jobs are vacant. art gilliland of hewlett packard's security divison explains. " so if you think about what's happening right now in the security industry is that there's just been tons of breaches, you see it in the news, back with the retail breaches in december and so one of the big challenges and one of the reasons that the bad guys have been so succesful is that there's just a massive lack of resources, human resources, that have security expertise." h-p is launching a scholarship to encourage women to become educated in cyber security. a study by the ponemon institute finds women currently only make up 20 percent of the information security workforce. investors are putting trust back in target. shares of the retailer rallied 7% yesterday after surprising wall street by coming in two cents above consensus on profits. that's even after target took a hit on the massive data breach at the end of the year. target however, also admits sales fell 3.8% "this" quarter. costs from that data breach are adding up to about 17 million dollars, although, it's insurance policy covered 44 million. those costs could potentially hurt target's future earnings reports. in a check of other earnings-- home improvement company lowe's reported a 6% gain in net income as the retailer benefited from the housing market recovery. the stock hammered out a 5% rise. barnes and reported a profit compared to a loss last year. and says a new nook is in the works. the stock rallied 4%. first solar shares dimmed 11% as earnings fell short. and abercrombie and fitch's profit shrank 58% but its bottom line results easily topped estimates. the stock shot up 11%. the list is growing of companies coming out against a measure in arizona viewed as anti-gay. arizona governor jan brewer is being urged by corporations to veto a bill allowing businesses to refuse service to gays and lesbians on religious grounds. apple, marriott, at&t, american airlines and delta are among the companies claiming the bill runs counter to ensuring equality in the workplace. some companies may consider relocating out of arizona. the national organzation for marriage--supports the arizona bill. change is in the air for delta. starting next year, the airline
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will rework its frequent flyer program. instead of passengers earnings miles for distance, they will be awared mileage based on the ticket price. delta has been attempt to attract more business travelers. a delta official says the new format will better recognize business travelers versus leisure travelers. also elite travels will receive added bonus miles depending on their status. boeing is making headlines this week. the jet maker has agreed on a 2 billion dollar contract to manufacture 16 new spy planes for the navy. it's also trying to sell some of its 787 dreamliners that were rejected by some airlines after last year's debacle that stemmed from battery issues. those planes are only partially completed. and boeing rival airbus is playing catch up. its increasing production to crank out more jets per month by 20-16. blackberry's bbm messaging service is getting a lot of buzz. blackberry stock has been on an upswing surrounding speculation that the bbm service could attract buyers ceo john chen confirmed this week he would "definitely sell" bbm if he was offerred a deal. just last week facebook shelled out 19 billion dollars for messaging tool "whatsapp". j-crew could be getting ready to go public. bloomberg news reports the retailer is working with banks for an ipo later this year. the clothing retailer is known for its famous fans, the first family. j-crew has 451 stores across the nation, and 2.4 billion dollars in annual sales. fallen celebrity chef paula deen is cooking up a comeback plan. the former food network star-- is opening a new restaurant in pigeon forge, tennessee. near the "dollywood" them park. a private investment firm is backing deen to get her career back on track after she acknowleged previous use of racial slurs. a $20 million dollar investment is going into her new restaurant which will be called "paula deen's kitchen". coca cola has discovered how to make a "diet" slurpee. diet coke has been on the market for more than 3 decades, but until now, there was no way to make the low calorie drink work well as a frozen slurpee. the new drink hits 7-eleven stores this week. still to come: counting down to the oscars! predictions of who will nab hollywood's top honor. plus... sony short circuits employees. and next in our cover story... clocked out. why employees of fast food chains say they can't survive on their schedule. we'll be right back. in today's cover story, fast food empoyees who want a higher minimum wage are raising another aspect of their work-week: it's too short. ten-to-25 hours a week just aren't enough, yet that's what workers say they're assigned. thirty employees of a mcdonald's corporate-owned restaurant in
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chicago made a public plea to push their employer to assign them more hours to work. they handed their petition to the manager and told members of the media that they cannot pay their bills when scheduled to work two days at most. "most recently it's been 10-15 hours per week. i have family and that's helped but i'm on food stamps and live in subsidized housing." the mcdonald's manager here referred us to a corporate representative who released a statement: "mcdonald's and our independent owner operators make staffing decisions based on the business needs to ensure that we are able to serve customers at peak operating hours." "we're getting less hours but they're hiring more people to them less hours. we just want to know, 'why can't you give us those hours?'" mcdonald's did not address why managers hire additional workers instead of assigning more hours to existing ones. but jessica davis' experience working in fast food for poverty wages was echoed last year in a study that found more than half of fast- food workers are on public assistance that costs taxpayers seven billion dollars a year--a point illinois congresswoman jan schakowski commented on, last week. "it means that the walmarts and the mcdonald's of the world are relying on the taxpayers to pay for their employees. that's not right. we're tired of subsidizing these profitable companies." in its statement, mcdonalds characterized working there as a "first job" for some, a "part- time job for others" and where managers learn the ropes. sony is closing stores and cutting jobs. the job cuts will mostly come from it's sony electronics units in the u.s. and mexico. by march of next year as many as 5,000 of those positions will disappear. and, 20 sony stores will close doors. the president of sony says it's necessary for future growth. coming up...in movies and money-- the best performing film stock in hollywood. the answer surprised even us! and our film critic give his oscar predictions next...our academy award extravaganza is next! we are glammed up and good to go for our special edition of the oscarsjoining me now is our movie man erik childress. he's our critic. but fortunately we don't have a manny cam for you. so don't worry about that. let's move on and talk about who will win the best actress award. up for that category amy adams for american hustle, cate blanchett for blue jasmine, sandra bullock for gravity, judi dench for philomena, and meryl streep for august osage county. >>this is the easiest award for the acting categories to call for the night. it's gonna be cate blanchett. she's won just about all the precursors. she's won like 28 awards compared to 4 for the other four actresses. so it's the easiest one to call. she's going to win.
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>>i think it's a tough category. these ladies were awesome. >>it's a great category. amy adams is a 5 time nomineei would love to see her win but it's gonna be cate. >>moving on to best actorchristian bale for american hustle, bruce dern for nebraska, leonardo dicaprio for the wolf of wall street, chiwetel ejiofor for 12 years a slave, and matthew mcconaughey for dallas buyers club. >>few actors have generated the kind of respect that matthew mcconaughey has had over the past few years and so he's going to be awarded sunday night with the oscar for best actor. >>i also think because of his transformation physically. >>absolutely. all the cliches that go into winning an oscartransformation, the fact that he's playing a real life characterthere's so many factors that go into it. but the fact is that he's just been on a roll and he's gonna win. >>on to best pictureamerican hustle, captain phillips, dallas buyers club, gravity, her, nebraska, philomena, 12 years a slave, and wolf of wall street. who wins? >>well it has remained a 2 horse race since back in october and i think that gravity is gonna pull through. i think it's gonna win about 7 oscars sunday night and it's gonna end with it winning best picture. >>this is a tough category to me as well. >>it is. it's gonna be between that and 12 years a slave. 12 years a slave is very much in the running. it's probably going to win supporting actress, screenplay, and maybe a technical award. gravity's going to win the most awards. i think it's going to edge out 12 years a slave in the end. >>i want to mention a couple of films that were snubbed this yearsaving mr. banks. >>one nomination and emma thompson not nominated. >>and lee daniels' the butler. >>oh well. >>oh, come on. >>no. >>i loved it. i thought it was terrific. i think both of those deserve a chance. >>it wasn't as good as some of the other ones. it was a very tough year. a lot of good films. the butler i don't think quite measured up. sorry. you have to get in the academy and get a vote then. >>i'll work on that for next year. >>i also want to ask you a questiona little game here. let's talk about the best performing film stock. who wins in that category? >>if i had to guess based on this question, i would think that maybe disney had the best year. even with the lone ranger debacle i think that disney probably had the best year with their marvel connections. >>we checked on this and here's a listand the winner is dreamworks. up 83% since the last academy awards. >>well they had the croods last year which was a big success for them. coming later this summer they have how to train your dragon 2 which is gonna be a monster success. it's gonna make the lego movie look like a little film compared to that. so that's not too surprising. they don't release a lot of movies so
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that's a big number for them. >>that was the stock to own. and you can find more of erik's picks at rogerebert.com and of course the academy awards airs sunday night at 7 o'clock on abc. first business continues right after this. time now for some chart talk with matt cavanaugh of cmz trading. we have a lot to get to this morning. let's start with hilton. their earnings are coming up today. what do you see in the charts? > >i don't really see too much. this is a company that i think's got support for it a little bit lower. maybe 10% lower--around the $20 range. and a little resistance around the 24-25 range. so really not a lot here but i think it's priced pretty well. > >you think the stock is priced well so an earnings miss or hit could maybe move the stock one way or the other then? could maybe move the stock one way or the other then? > i'm going to pass chemistry, and i'll take it from there. i'm going to do what makes me happy. i'm going to work hard. be independent. live large. make the most of every opportunity. i knew i wanted to go to college. but figuring out how to pay for it? i didn't have a clue. the u.s. department of education has over $100 billion. and that's a lot of money. to help students pay for college. and the free application? you mean the fafsa. i did it online. it was easy.
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i'm never giving up on my goals. i will make a difference. i'm going to find out how to pay for college. i'm going to college.gov. hi, i'm ben affleck, and many actors have played the part of u.s. servicemen in the movies, but for veterans like james crosby their service and their sacrifice are real. and too often when they come home, their struggle continues. for over sixty years, paralyzed veterans of america has been fighting to help our injured veterans get the benefits they need, and have earned. paralyzed veterans of america was there for me when i came home. join me in supporting our paralyzed veterans. visit p-v-a dot org.
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that's it for now-- coming up tomorrow -- it's a traders unplugged friday. the guys share their feelings from the trading floor about stocks to buy and stocks to sell.
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from all of us at first business, have a great thursday! toppy stocks? signs the market has reached its peak. in today's cover story...why a short work week is a new wrinkle in an ongoing labor battle. plus...is a jobs gap to blame
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for cyber attacks? and...we get oscar ready! a countdown to the biggest awards ceremony of the year!! first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning! it's thursday, february 27th. i'm angela miles. in today's first look: constructive news & moves--- encouraging word about new home sales helped to lift the stock market. the dow and nasdaq made modest gains. while the s&p spent another session vacillating around the 18-50 line. gold lost $12 while oil edged up 68 cents. tesla charges higher. the electrifiying stock gained another $5 dollars yesterday. after hours the electric car company reported the battery factory its building could employ 65-hundred locations under consideration are: arizona, nevada, new mexico
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